I'm considering Chapter 13, and am visiting a lawyer on the advice of a real estate attorney that reviewed my situation. I have the following debts:
$231k 1st mortgage
$159k 2nd mortgage
Current value of home is about equal to 1st mortgage.
In addition to the above, I have:
$20k in student loans
$94k in unsecured credit card debt
$19k in car loan debt
I know - a lot of debt. Household gross salary is high at $183k, but not sustainable with the above debt. Here's the sticky part: Forced relocation will result in salary of $99k, and other salary is uncertain.
Questions:
1. The forced relocation and change of salary will not happen until early next year. How is this accounted for in Chapter 13? (i.e. should I wait to file?)
2. Am I better off not having a 2nd salary and keeping it at $99k? That is, if job = more money, will the court "punish" me accordingly?
3. I don't want the house, as I'm relocating. Will Chapter 13 allow it to be given back? I know many use Chapter 13 to keep a house...I'm in the exact opposite situation, and selling would result in a $150k upside down situation.
Thank you for your input.
$231k 1st mortgage
$159k 2nd mortgage
Current value of home is about equal to 1st mortgage.
In addition to the above, I have:
$20k in student loans
$94k in unsecured credit card debt
$19k in car loan debt
I know - a lot of debt. Household gross salary is high at $183k, but not sustainable with the above debt. Here's the sticky part: Forced relocation will result in salary of $99k, and other salary is uncertain.
Questions:
1. The forced relocation and change of salary will not happen until early next year. How is this accounted for in Chapter 13? (i.e. should I wait to file?)
2. Am I better off not having a 2nd salary and keeping it at $99k? That is, if job = more money, will the court "punish" me accordingly?
3. I don't want the house, as I'm relocating. Will Chapter 13 allow it to be given back? I know many use Chapter 13 to keep a house...I'm in the exact opposite situation, and selling would result in a $150k upside down situation.
Thank you for your input.
Comment